Forget stock market investing, the new money market is in the art of buying and selling footwear.
Profits made from the business of reselling sneakers will come in at just under $1.5 billion this year globally.
And the top sole traders are making six-figure incomes, with individual sales raking in upwards of tens of thousands of dollars.
Secret Sneaker Store in Sydney is one of just a handful of resale sneaker stores in Australia, cashing in on this growing trend.
And the sneakers aren’t cheap. Among dozens of other brand names on offer, a pair of Pharrell Williams-endorsed sneakers by Chanel will set you back $13,000.
The interest for other investors is that once they’re off the shelf, brand name sneakers actually increase in value, so long as they’re kept in mint condition.
Similar to a stock index, the store doesn’t actually own any of the shoes on display, they’re owned by traders that ultimately decide when they want to hold or fold.
Investors use digital platforms such as StockX, where they can gauge whether to hold or dump their stock of sneakers based on fluctuating brand value.
But as with any industry where there’s plenty of money to be made, there are also lots of risks.
With prices frequently fluctuating, it’s easy to get a bad deal on a pair of sneakers, and it can be hard to sift out the fakes.
Your Money reporter Camille Bianchi investigates in the video above.